Derby Enterprise Growth Fund

                              

BREXIT Readiness Events in Derbyshire for October 2019

https://www.emc-dnl.co.uk/enabling-international-trade/business-readiness-events-and-brexit-support/brexit-events2/

 

Open Schemes

  • Derby Enterprise Growth Fund (DEGF) supported by the Regional Growth Fund, offers capital grants and loans to businesses within Derby and Derbyshire (please note, the majority of the funding is ringfenced for the Derby TTWA but the scheme will consider applications from Derbyshire based companies who operate outside of this). Although the fund offers both grants and loans, we aim to offer loan funding rather than grant where possible to support the continuation of our scheme. 
  • D2 Enterprise Growth Fund (D2EGF) - Capital grants available to businesses across Derby and Derbyshire. This is a partnership between Derby City Council and Derbyshire County Council with funding from these two bodies and EU funding through D2N2. 

These two funds aim to provide:

  • the minimum level of funding necessary for a project to take place
  • a maximum of 30% of the total project costs
  • a maximum of £10,000 per new full-time equivalent job created
  • a minimum grant award of £20,000 (therefore minimum total project costs approximately £67,000).

Closed schemes

Derbyshire Business Support Grant Scheme (DBSGS) is currently closed to new applications - funding towards capital or revenue projects with the aim of supporting businesses to, expand, evolve or relocate, helping to create increased investment, growth and job creation.

  • Funding will support improved productivity, technology, systems, supply chain and skills development within businesses.

***Derbyshire Business Support Grant Scheme is currently closed to new applications.  Please see information on our two other schemes above.***

Applications are subject to a competitive process and there is no guarantee of funding being granted. The volume of requests received are as such that rewards have to be carefully prioritised at Investment Panel as well as the number of cases taken to each meeting have to be limited. Applications will therefore be assessed on a competitive basis in this regard and it may mean that your request is not successful or meet with your desired timescales for the project.

For further information on our funds, please read our DEGF guidance notes and Frequently Asked Questions. If you have any further questions, email degf@derby.gov.uk

Please also note, the following projects are not likely to be a high priority for DEGF/D2EGF funding:

  • Companies operating in sectors with a predominantly local market where this is a high risk of 'job displacement' (DEGF and D2EGF only). By job displacement we mean companies where job growth in a local company is likely to lead to job losses in others. Sectors where this tends to be an issue include retail, hospitality, recruitment, professional services and social care for example.
  • Projects where costs are predominantly towards employment of new staff (unless there is a particularly compelling justification that investment in particular staff will directly leading to innovation or expansion within the business).
  • Start-up companies with little or no trading history (DEGF and D2EGF only).
  • Projects where costs are predominantly revenue based - where these schemes are focused on capital funding only. (Please note DBSGS can consider revenue costs).

Process and timescales when applying for our funding:

  • Expression of Interest - submit the online form and receive feedback within 10 working days.
  • Full application - upload your DEGF application form and DEGF Funding Application Appendices to our online system. Please also upload a copy of your latest annual accounts. This will be reviewed by the DEGF team and prepared for the next appropriate Panel meeting, approximately four weeks after application submission.
  • Panel - meetings are held bi-monthly. You will receive a verbal decision the day after the panel sit in regard to their recommendation with final approval to follow in writing. Timescales for which will be advised at the time. You will have 14 days to accept an in-principle offer. Please note DBSGS grants less than £20K will be considered more frequently than bi-monthly, further information in regard to timescales will be given at application stage.
  • ID checks - once an in principle offer has been accepted, we will need to carry out ID checks on your key directors and shareholders.
  • Due diligence - following receipt of your in principle offer acceptance and ID checks, you may be required to pay for due diligence (further information will be given at the EOI meeting/discussion - noting fees do not apply to DBSGS applications). due diligence should take a maximum of six working weeks (or less) depending on the complexity. This will include a review of your forecasts, historic accounts and project funding plan.
  • Contracting - following a successful due diligence outcome, contracts will be drawn up. This should take approximately six working weeks (or less) depending on the complexity of the contract.

Please note, any funding awarded will be subject to cash flow.

State aid options

Our funds can operate under various EU State aid measures including De Minimis and the General Block Exemption Regulation (GBER).

Please note that the State aid regulations are complex, and it is vital to ensure that both the company and project are eligible to receive aid and that the proposed project is compatible with the relevant State aid measure. You are advised to refer to the BIS State Aid Manual as a first step before submitting an application and to the full text of the relevant regulation (links below). 

Please note, if using GBER, it is imperative that the aid falls within the permissible aid intensity threshold (refer to the Regulation). Note also that only the GBER Articles listed below may be used:

  • Article 14 Regional investment aid
  • Article 17 Investment aid to SMEs
  • Article 25 Aid for research and development projects (sub-articles a, b and c)
    1. fundamental research
    2. industrial research
    3. experimental development 
  • Article 32 Aid for the recruitment of disadvantaged workers in the form of wage subsidies.

In 2017, the Commission issued a further update to GBER. Whilst broadly not considered relevant to this fund, the 2017 update does include some provisions relating to start-up companies.                                    

Other support available in Derby and Derbyshire

In addition to our fund there is a variety of support available, both nationally and locally, to help you run your business and to overcome challenges you might face. Please visit our Support for your business page.

To view Derby City Council Privacy Notices, please visit https://www.derby.gov.uk/privacy-notice/.

 

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